APLD wheel: cash-secured put & covered-call yields
Applied Digital Corporation Common Stock · Technology · $16.95 close on Nov 12, 2026
What the Nov 12, 2026 close says about APLD
At 99.0% implied volatility, the options market is pricing a one-standard-deviation move of about $5.27 (31.1%) in APLD by Dec 18, 2026, 36 days out.
Selling the $15 put (−0.29Δ) for $1.23 means assignment would leave a cost basis of $13.77, 18.8% below the $16.95 close.
The 64-day 0.30Δ put pays 1.4× the premium of the 36-day one for 1.8× the time — more premium per day on the 36-day contract ($0.034 vs $0.026).
At 0.30Δ on the Dec 18 expiry the put yields 8.20% on its strike and the call 4.72% on spot: puts pay 1.7× what calls do on APLD this session.
Moving down to the $14 put (−0.22Δ) buys 5.9% more room below spot and keeps 69% of the 0.30Δ premium.
Open interest in the stored window totals 105,395 contracts; the largest single line is the $20 call expiring Jan 15 with 21,988 (20.9% of the window).
By options volume APLD ranks #191 of 679 names in our universe.
Near-the-money options volume (664) is 102% above its 5-session average.
The builder re-quotes every leg from the live chain when it opens; tracking is free to start.
Cash-secured puts on APLD
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $15 | −0.29 | $1.23 Nov 12 | $123.00 | $1,500 | 8.20% | 83.1% | $13.77 | 751 | 23 |
| 0.20Δ | $14 | −0.22 | $0.85 Nov 12 | $85.00 | $1,400 | 6.07% | 61.6% | $13.15 | 1,165 | 200 |
Snapshot #9303 · session 2026-11-12 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 36
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $15 | −0.30 | $1.69 Nov 12 | $169.00 | $1,500 | 11.27% | 64.3% | $13.31 | 13,682 | 133 |
| 0.20Δ | $13 | −0.20 | $0.84 Nov 12 | $84.00 | $1,300 | 6.46% | 36.9% | $12.16 | 515 | 1 |
Snapshot #9303 · session 2026-11-12 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on APLD
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $21 | 0.29 | $0.80 Nov 12 | $80.00 | 4.72% | 47.9% | 28.61% | 290.1% | 1,012 | 296 |
| 0.20Δ | $23 | 0.20 | $0.53 Nov 12 | $53.00 | 3.13% | 31.7% | 38.82% | 393.6% | 765 | 100 |
Snapshot #9303 · session 2026-11-12 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 36
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $23 | 0.30 | $1.07 Nov 12 | $107.00 | 6.31% | 36.0% | 42.01% | 239.6% | 159 | 21 |
| 0.20Δ | $25 | 0.23 | $0.75 Nov 12 | $75.00 | 4.42% | 25.2% | 51.92% | 296.1% | 17,885 | 143 |
Snapshot #9303 · session 2026-11-12 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
APLD volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 99.0%session 2026-11-12
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 105,395 contractssession 2026-11-12
- Largest open-interest line
- $20 call · Jan 15 · 21,988
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #191 of 679 optionable names by options volume
How these numbers are made
One end-of-day snapshot per session from a 15-minute-delayed feed. A premium is a contract’s last trade, used only if it printed that session, sits above intrinsic value and is in order with its neighbours; deltas are the feed’s own. Expiries are the first at least 30 and 60 days out, and nothing under 30 days is annualized. Not investment advice. Full methodology.
- We are building our own daily implied-volatility history (34 of 252 sessions so far); IV rank and percentile need a full year of it.
- Our data provider does not license announced earnings dates, and we do not publish estimates.
- Our data feed carries last trades, not live bid/ask quotes, so we cannot show a spread.